While businesses still rely on paper checks to process vendor payments, there is a current trend towards electronic payment methods. We recently hosted a webinar, Payments 101: An Introduction to Electronic Payments, that explored everything related to electronic payments. To better understand the B2B payments landscape, we asked our audience three questions on how they use electronic payments:
What payment methods are your clients using today?
When it comes to choosing the best payment method, what do you consider most important?
Why do you feel companies are not using electronic payment methods?
What Payment Methods Are Your Clients
Using Today? This question showcased interesting results, and quite honestly, we expected to see higher check usage. Don't get us wrong, 37 percent is still high. But, seeing that more than 50 percent of clients are already taking advantage of some sort of electronic payment method is huge. This means that as an industry as a whole, we are seeing a movement to quicker and safer payment methods.
When it comes to choosing the best payment method,
what do you consider most important? Security is always top of mind for all business professionals. Yet, studies have discovered that 75 percent of B2B businesses make payments via the most targeted vehicle for payment fraud: checks. While security seems to be most important, finance professionals are using a targeted payment method due to ease and routine.
Why do you feel companies are not using electronic payment methods? 42 percent say perceived risk is standing in their way of using electronic payment methods. Since electronic payments are relatively new, it's not surprising. But, virtual cards are among the safest forms of electronic payments. Not to mention, most electronic payment methods are safer than checks.
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